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Rane (Madras) Sells 3.48 Acres in Velachery—₹200 Cr Deal Fuels Real Estate Pivot
Rane (Madras) Ltd., a key player in automotive components, has finalized the sale of 3.48 acres of prime land in Velachery, Chennai, to Canopy Living LLP, a joint venture between Arihant Foundations & Housing and Prestige Estates Projects. The deal, part of Rane’s strategy to monetize non-core assets, is reportedly valued at around ₹200 crore, including a cash component and area share.
The land parcel, located near The Westin Hotel on Velachery Main Road, is part of a larger 4.5-acre holding. The transaction received shareholder approval on May 29, 2025, and is expected to pave the way for a mixed-use development of approximately 1 million sq. ft., combining residential and commercial spaces. Rane plans to retain a portion for its own commercial use.
This move underscores Velachery’s emergence as a real estate hotspot, with land values touching ₹90 crore per acre, driven by metro connectivity and proximity to IT hubs.
Key Highlights:
- Land sold: 3.48 acres in Velachery, Chennai
- Buyer: Canopy Living LLP (Arihant + Prestige JV)
- Deal value: ~₹200 crore (cash + area share)
- Use: Mixed-use development (~1 million sq. ft.)
- Strategic goal: Monetize non-core assets
Source: The Hindu BusinessLine – Rane to Sell Velachery Land
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